From Yahoo Finance: 2025-06-13 06:00:00

The Federal Reserve has cut the federal funds rate three times in 2024, leading to falling deposit interest rates, including money market account rates. Top high-yield money market accounts offer over 4% APY, six times the national average of 0.62%. It’s crucial to compare rates before opening an account to maximize earnings.

Online banks and credit unions offer competitive rates for money market accounts. Online banks have lower overhead costs, resulting in higher rates and lower fees. Credit unions, as not-for-profit cooperatives, also provide competitive rates. Money market accounts are FDIC-insured up to $250,000, making them low-risk options.

Money market accounts are ideal for short-term savings goals, offering higher interest rates than regular savings accounts. They are safe and FDIC-insured, but may require a minimum balance to earn the highest rates. Access to funds may be limited, with potential fees for falling below the balance requirement.

To earn a strong return on investments, consider market securities like stocks, mutual funds, or ETFs, which average about 10% returns annually. Speaking with a financial advisor or using a robo-advisor can help determine the best investment strategy for your financial goals. Shop around to find high-yield money market accounts offering rates upwards of 4%.



Read more at Yahoo Finance: Best money market account rates today, June 13, 2025 (up to 4.41% APY return)